Length: 3 Days
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Value Management and Value Engineering Training

Value Management and Value Engineering training course provides participants with techniques for re-examining projects with a view to reducing total project costs.

Value Management and Value Engineering training course introduces the concepts of value management and value engineering in relation to system and capability acquisition projects.

Value in this context is the ratio between benefit (outputs) and the cost or effort (inputs) required to achieve it. Value management (VM) and value engineering (VE) are both concerned with increasing this ratio, but are often separated in terms of their timing and their scale. Where concepts and ideas are applicable to both value management and value engineering, this will be explained in the text, as will areas where the two diverge.

The course includes an overview of value engineering/value management (VE/VM) concepts, principles, and definitions, and focuses on the use of tools and techniques to improve project and program cost and schedule results, especially Return on Investment (ROI).

This course also teaches skills for organizing a VM effort, structuring a job plan, and analyzing the functions of systems, equipment, facilities and supplies to achieve the lowest life-cycle costs while maintaining the essential values of safety, performance, reliability, and quality.

The course applies current VE/VM practices that emphasize good communications and effective leadership.

Topics include:

  • VE/VM concepts, principles, definitions, and legal/regulatory drivers
  • Value management process
  • The benefits of VE and VEM to projects and delivery teams
  • A comparison of the features of VE and VM
  • Relationship to other project management activities
  • Practical application: How and when to carry out VE and VM
  • Determining the value criteria and KPIs for a project
  •  Prioritizing and weighting alternative technical solutions and resources
  • Potential problems when carrying out VE and VM
  • Designing large-scale VE.VM programs
  • 6-step value management job plan
  • Team composition and leadership
  • Communications

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